Prime Minister Narendra Modi on Tuesday said India can “become the best country in the universe” if it wants to succeed in the global race to become a world leader in a meeting with business leaders in Mumbai.

Modi was speaking to a gathering of Indian businessmen and government officials at the India-U.S. Business Council event in Mumbai, where he was also addressing a large gathering of U.S.-based investors.

Modis remarks came after the Indian government said it will buy $4.8 billion worth of U of T stock to boost the country’s foreign direct investment (FDI) growth.

The investment, part of an investment plan to increase FDI, comes as Modi, in his first year in office, has promised to strengthen the countrys economy, which is expected to grow at 5.7 per cent this year, the slowest rate in the G20.

The finance minister said India needs to focus on growth to grow faster and that the country could do better if it focused on infrastructure, job creation and education.

Modises remarks were echoed by Indian Prime Minister Manmohan Singh, who has called Modi the “biggest challenge for the country” and said the country will take on a “huge challenge” if Modi fails to meet his economic promises.

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